Market Analyst, Research (US)

About the role

Developers, traders, investors and utilities read Modo Energy's research to understand what happened in the market and why.

The research sits alongside Modo Energy's data products. Clients use them to track what operating batteries and other technologies actually earn, to see which assets are operating and planned in each market, and to value and finance new projects using Modo Energy's long-term price and revenue forecasts.

Those forecasts come from a model of each market's supply, demand, transmission and rules. Modo Energy also provides in-house subject matter expertise that informs its long-term models and gives customers insight and market intelligence on power market outcomes, market and policy design changes, and the direction of travel for wholesale power markets.

You will own the coverage of one or more US markets. That means knowing what is driving those market outcomes and being able to explain those factors/variables, and what those outcomes do mean for the revenues and costs of power systems infrastructure being built in a given region there. It also means following market design and policy changes, quantifying their impact, and saying which ones matter.

This is not just a data analysis job. The data work matters, but the key output is a view and an ability to articulate that view: how the past and present of your market connect to its future, and what that means for the forecasts.

You will have the platform to become a trusted authority on your markets: what's happening in wholesale and bilateral power markets, what Modo Energy's forecasts say about it, and why.

Reports to: US Research Lead

Regions: All US power markets: ERCOT, PJM, MISO, SPP, CAISO, NYISO and ISO-NE. You will start by owning one or two.

What you will do

Cover your markets. Publish regular analysis of how your markets are performing: what prices did, what batteries and other assets earned, and what is being built or waiting to connect. Typical pieces are monthly revenue reviews, quarterly market outlooks and buildout updates. Battery energy storage is the core focus, but the coverage extends to solar, wind, gas and load growth.

Keep the foundations current. A forecast is only as good as its inputs: which assets exist and are coming, how fast demand is growing, what fuel costs, and how to apply changes in the market rules. Track new batteries, generators and large loads as they connect, and verify them against market data and interconnection reports. When gas prices move or a critical rule change is approved, work out what it means for the forecast inputs and hand that to the modeling team to build in.

Research the big questions that developers, asset owners, traders, and lenders have about the system operators and the markets they operate. Develop a firm grasp of ISO protocols and tariffs, PUC filings and FERC orders, not just the summaries. Form a view, use it to shape the forecast assumptions, and publish research that explains the view and how you reached it.

Represent your markets. Clients come to the research team first, whether the question is about the market or about a Modo Energy forecast. Explain what goes into the forecasts, what comes out and why, on client calls, at workshops and at industry events.

Work with other teams:

• Modeling: they build and run the market models behind the forecasts. You do the research behind the model inputs (load growth, retirements, rule changes, tariffs) and hand it over in a form they can implement.
• Advisory: share the market read behind client work, and bring back the questions clients are asking.
• Revenue: join technical sales and post-sales calls where clients want the analyst, not the pitch.

What you need

• A degree in engineering, economics, math, physics, public policy or a related field
• 2+ years analyzing power markets: in research, consulting, trading, development, a utility, a regulator or an ISO
• You know how at least one US power market clears energy and ancillary services (ERCOT, CAISO or SPP preferred), and you can explain how it differs from another
• You follow policy and market-rule changes, and you have opinions about them that you can back with evidence
• You can pull and analyze your own data in SQL and Python. You don't need to be a software engineer, but you're comfortable using SQL and Python to answer questions that are too big for Excel
• You have written analysis that someone outside your team read and used
• You write clearly, and you take editing well

Nice to have

• Experience financing or developing generation, storage or large-load projects
• Experience in power system or market operations: bidding resources, structuring offtake, or running generation, transmission or load
• Experience in ISO stakeholder processes or regulatory proceedings
• Experience presenting to clients or at industry events

What you will learn

Within a year, you should be able to:

• Own the coverage of a US market: know its rules, its assets and its live debates well enough that clients come to you first
• Read a protocol revision or rulemaking and say within a day what it means for asset revenues or development risk
• Build analysis end to end, from raw ISO data to polished published work, using SQL, Python and AI tools
• Present and defend your research to clients and at industry events, starting with workshops and building up to conference stages

Compensation

Base salary range: $120,000–$200,000 per year, depending on experience. The range reflects industry benchmarks for this role. Modo Energy's policy is to pay top of personal market: if you're exceptional, we'll make it work.

The range is wide because the role suits a range of experience levels:

• Lower end: you meet everything under What you need, with 2 to 4 years analyzing power markets.
• Middle: you also bring some of the Nice to haves, and you have owned coverage of a market or built a body of published analysis.
• Upper end: you can demonstrate experience with every item under Nice to have: financing or developing projects, power system or market operations, ISO stakeholder or regulatory proceedings, and presenting to clients or at industry events. You could own the coverage of a market from day one.